Advisers may be faced with an extra £33m in Financial Services Compensation Scheme (FSCS) levies as a result of firm failures caused by a proposed £100m FSA Arch Cru redress scheme.

The Financial Services Authority (FSA) has launched a three-month consultation on establishing a £100m consumer redress scheme for Arch Cru investors, saying it already has evidence of "widespread mis-selling".

Conservative heavyweight David Davis MP has called on the Serious Fraud Office to investigate the Arch Cru collapse, according to reports.

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Adrian Martin is to leave his role as chairman of RSM Tenon and step down from the board, completing an upheaval of the firm's management.

The Financial Services Compensation Scheme (FSCS) has more than doubled the annual levy for financial advisers for 2012/13, largely as a result of known claims relating to Arch Cru and MF Global.

HSBC has confirmed it is to close its tied advice service, with the loss of about 600 jobs, as the bank prepares for life post Retail Distribution Review (RDR).

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Professional indemnity insurance (PII) underwriter Chubb is withdrawing from the market for financial advisers.

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